Rate of auto loan interest

loan amount 2700000 equi monthly instalment 90530 duration 35 monyhs.. can any1 calculate rate of interest and please kindly tell the formula.

Replies (4)

Dear Nitesh,

Please Note, 90530 * 35 Months = Rs.31,68,550/-.

Histroical Cost of Vehicle is Rs. =Rs.27,00,000/-.

Less: ( Rs.31,68,550 - Rs.27,00,000 = Rs.4,68,550/-.

Find the ROI = 468550/270000*100= 17.35 PA (Rate of Interest is 17.35 P.A)

wrong hai dear... i asked about equi monthly instalments and not equi annual instalments

Hai,

Divide the whole interest amount of Rs.468550 / 35 months = Rs.13,387/-. This your Interest Per month.

Principle amount  = 27,00,000/-

Period  = 3 year (35 month)

Formula is  = Principle amount * Interest * Number of Year = 468550

so, 27,00,000*X/100*3 = 468550

X = 468550*100/2700,000*3 = 5.78%

SO, INTEREST IS = 5.78%

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